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M&T's board raises stock buyback authorization by $54M

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M&T's board raises stock buyback authorization by $54M

's board onMarch 31 authorized the repurchase of up to $54 million of the Buffalo,N.Y.-based company's commonstock. The amount is in addition to the $200 million of common stock authorized for repurchaseby the board in November 2015.

M&Treceived a non-objection from the Federal Reserve Board for this increase inthe amount of common stock that may be repurchased under the company's 2015 capitalplan, according to a Form 8-K filed April 1.

Shares maybe repurchased on the open market or in privately negotiated transactionsthrough the end of the second quarter as part of the company's current stockbuyback program. Repurchased shares will be held inM&T's treasury, will constitute authorized but unissued shares of M&Tcommon stock and will be eligible for issuance in the future.

KeefeBruyette & Woods analysts Brian Klock and Glen Manna view the move as a"positive" for shareholders. "While the announced increase inthe buyback only represents about 0.3% of MTB shares outstanding, we view thefact that the company increased its authorization between CCAR exams withoutobjection from regulators as a positive," they wrote in an April 1 researchnote.

Theanalysts had a "market perform" rating and $120 price target onM&T.